07 April

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No Children? The Challenge of Deciding Who Receives Your Estate’s Assets

Most people with adult children include them in their estate plan by giving them authority to make decisions on their behalf, and to ultimately inherit their assets. But what about couples who have no children? Estate planning for childless couples can actually be more challenging than for couples with children. How is it more difficult? Well, because there’s probably no default individual to empower to make decisions on your behalf, administer your estate, and determine who will inherit your assets. Childless couples usually look to siblings, extended relatives, charities, or close friends. Another issue for childless couples is the tendency to delay putting an estate plan together. They may think it’s not a time-sensitive task since they don’t have offspring to consider when they ;pass on. This is the wrong kind of thinking. What if you become incapacitated? If you don’t have a power of attorney, advanced medical directive, and...

25 March

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Turning Your HSA Into an Estate Planning Tool

Posted by Bobby Feisee

in Bobby's Blog

In a prime example of how estate planning is an ever-evolving area of law, there are some articles published recently discussing how you can utilize a health savings account (“HSA”) for estate planning purposes. Why should you consider an HSA as an investment vehicle? Well, consider the fact that this type of account has a rather tempting trifecta of features: (1) tax-deductible contributions (2) tax-free growth (3) tax-free distributions. These features offer major income tax advantages, according to an article published by Steven Latterell on Lexology.com. Along with the financial benefits, there is the simple fact that more people are going to access HSAs since many employees participating in employer-provided health plans are being offered health plans with extremely high deductibles (anywhere in the range of $4,000 to $10,000). This means, as more people utilize HSAs, they could become a rather large asset in an individual’s investment portfolio. Why?...

24 March

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Estate Planning – Hard Truths

Posted by Bobby Feisee

in Bobby's Blog

Richard Randall, the Chairman and CEO of the National Network of Estate Planning Attorneys, recently published a great article highlighting some hard truths about estate planning. Richard points out some serious flaws with how most people approach the estate planning process. Unfortunately, it's viewed as a "one and done" event without much discussion about proper maintenance and disclosures necessary to create a thorough estate plan. Check out the full article here: The Truth About Estate Planning ...

04 March

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Blended Families and Estate Planning

Posted by Bobby Feisee

in Bobby's Blog

If you, or your significant other, have been through a divorce, the impact on how you plan your estate can be significant. The absolute worst thing you can do in this situation is nothing and hope your loved ones just “figure it out.” What if your ex-spouse comes out of nowhere and claims they are entitled to certain benefits? It’s happened before. Check out this article I published a few months ago about a Maryland case that involved such a fast pattern: https://insightlaw.net/current-events/attack-of-the-ex-spouse-maryland-court-allows-former-wife-to-receive-50-percent-of-deceased-ex-spouses-pension-benefits. So what should you do? Well, a good first step is to review all of your current estate planning documents. This includes your will, durable power of attorney, insurance policies, any trusts, etc. A common mistake people make is not updating their documents and, suddenly, something happens and the relevant documents have outdated directives. For example, if you have a power of attorney naming your ex-spouse as the...

21 February

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Take Part in the Seventh Annual Virginia Healthcare Decisions Day

Posted by Bobby Feisee

in Bobby's Blog

Virginia is putting the spotlight on an important aspect of estate planning - healthcare directives. The Seventh Annual Healthcare Decisions Day will take place on April 16th. For more info, check out the Virginia State Bar's info page. So what is this day all about? Well, a critically important estate planning document is an “Advance Directive.” This document allows you to put your wishes regarding medical care in writing and lets your loved ones know the types of medical care you do and do not want in car you are unable to express your wishes. Generally, there are two types of Advance Directives you can utilize: 1. Advance Directive That Appoints an Agent This type of Advance Directive enables you to authorize another person (e.g., a spouse, child, or friend) to be your “agent” or “proxy” to make critically important healthcare decisions for you if you become incapacitated. In addition, you can specifically...

18 February

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Limiting Exposure to Liability Critical for Small Business Owners

Posted by Bobby Feisee

in Bobby's Blog

If you’re a business owner, one of the most important legal concepts you need to be familiar with is limited liability. You’re probably somewhat familiar with limited liability if your business is structured as an “LLC” (which stands for Limited Liability Company) or “PLLC” (which stands for Professional Limited Liability Company). Additionally, if you’re a shareholder, you enjoy limited liability for the actions of the corporation. However, courts across the country have recognized certain circumstances where a court can “pierce” the proverbial “corporate veil” and hold shareholders liable for the actions and/or negligence of a company. The standard used to pierce the corporate veil is murky at best. Many courts utilize different standards. Even courts in the same state apply different tests. Nevertheless, the fundamental idea behind disregarding limited liability is when the shareholder does not treat the corporation as a separate legal person. Courts reason that if you...

17 February

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The Long Goodbye – Living with Alzheimer’s and Why You Need an Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

Alzheimer’s disease has made numerous headlines recently. Country music legend Glenn Campbell won a Grammy award for his heartbreaking song “I’m Not Gonna Miss You” which provides insight into the singer’s steady decline after being diagnosed with Alzheimer’s disease. In addition, the movie “Still Alice” was released, which is based on the best-selling book (same title). ABC News also did a report providing a glimpse into what life is like with Alzheimer’s. Check out the video here: https://www.youtube.com/watch?v=LL_Gq7Shc-Y It’s clear that Alzheimer’s is a cruel and tragic disease. It’s often referred to as the “Long Goodbye” because it doesn’t hit you all at once. You steadily fade away and, despite having the appearance of normalcy to the outside world, your mind is being ravaged by this awful disease. In some rare cases, people as young as 50 years of age have been diagnosed with early onset Alzheimer’s. In my family,...

19 January

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Digital Info Just as Important as Traditional Estate Planning Documents

Posted by Bobby Feisee

in Bobby's Blog

Having your proverbial “digital estate” in order is just as important in today’s society as having a well-drafted Durable Power of Attorney, Advanced Medical Directive, etc. If you pass away without a document providing your username and password to your online accounts, your loved ones may be prohibited from accessing those accounts, resulting in unnecessary delay and frustration in getting your assets distributed and online accounts closed. Only seven states have laws addressing online estate planning (including Virginia). However, that means 43 states have no laws or regulations regarding digital estate planning and allow the service contract between the deceased and the online company dictate who can access the decedent’s account. For example, let’s say you have an online checking or savings account. If you live in a state lacking any type of regulation for online estate planning, your loved one may be prevented from accessing the funds in that...

08 January

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How To Protect Your Deceased Loved One’s Identity

Posted by Bobby Feisee

in Bobby's Blog

Losing a loved one is a heartbreaking, gut-wrenching event that can turn your world upside down. Sadly, many criminals exploit this terrible event and steal your deceased loved one’s identity. In fact, the identities of almost 2.5 million deceased Americans have been stolen and used to fraudulently open credit card accounts, apply for loans and get cellphone or other services, according to AARP. The predators of this world troll for personal information from hospitals, funeral homes, and/or obituaries. With a name, address and birth date, criminals can purchase your deceased loved one’s Social Security number for a nominal fee. Don’t let this happen to your loved one. Here are some important tips from an estate administration perspective to help protect against identify theft of a deceased loved one: 1. Notify the three major credit reporting agencies right away and notify them of your loved one’s passing. It usually takes...

30 December

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Estate Planning Tip: Leave a Personal Touch

Posted by Bobby Feisee

in Bobby's Blog

Many people experience a common nostalgic scenario – you’re cleaning out your closet or rummaging through the pile of boxes in your attic and stumble upon family photos. Your mind is inundated with a wave of memories and emotion. For some people, they embrace this moment and take a trip down memory lane. Your estate plan should incorporate this type of personal touch with a reflection of the life you’ve lived and loved ones you've left behind. Unfortunately, many estate planning attorneys focus solely on the nitty-gritty of estate planning such as making sure you have a valid will, properly established trust, a durable power of attorney, etc. There’s no question these documents are vitally important, but they also carry a level of sterility. They are words on a page. Your estate plan should have sentiment and feeling, and not just be word processing. A simple way to incorporate a...